DARS_porocilo 2007 ANG.indd

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102 103 104 105 105 106 106 107 108 109 110 110 110 110 110 111 111 112 113 114 114 117 121 Short-term financial liabilities from borrowings for the acquisition of property, plant and equipment under management Short-term trade liabilities Liabilities from the use of company-owned assets to finance state-owned assets under management Additional disclosures in the income statement of DARS d.d. Net sales Other operating revenue Costs and operating expenses Costs of materials and services Labour costs Writedowns Other operating expenses Financial revenue Financial expenses Other revenue Other expenses Income tax Net profit for the period restated by use of the cost of living index Performance ratios Events after the Balance Sheet Date Audit of the 2007 Annual Report under the Contract Statement of Management Responsibility AUDITOR'S REPORT STATEMENT OF CORPORATE GOVERNANCE 5 ANNUAL REPORT DARS d.d. 2007 INTRODUCTION
LETTER OF THE MANAGEMENT BOARD A Year of Growth The year 2007 was above all a turbulent year for DARS d.d., marked not only by the transition to a new organisational structure, but also by the changeover to a new currency and major changes in the management of the Company. DARS d.d. confronted these changes, numerous challenges and new tasks, concluding the financial year successfully in all areas of its operations. In the 2007 financial year, the Company recorded a 15-percent growth of revenue from toll collection, and successfully managed to reduce expenses while increasing the concession tax primarily intended for the repayment of liabilities arising from borrowings to finance motorway construction in accordance with the Concession Agreement (concluded with the Republic of Slovenia) by as much as 19 percent. Revenue growth was also registered in the majority of other business areas. The highest growth was generated in the segments of sales revenue, which the Company managed to increase by 586 percent in one year, revenue from easements, which increased by 142 percent, and other revenue. Further, the Company generated its first revenue from the lease of telecommunication lines, which it had begun to market in the previous year and represents one of the Company’s major development opportunities in future. Despite the fact that only 5.7 kilometres of roads under the National Motorway Construction Programme were put into service in the previous year, the scope of construction works under way in that year was the most extensive in the history of motorway construction in Slovenia, worth an awesome EUR 609.5 million. Construction works were in progress on altogether more than 160 kilometres of motorways, expressways, and other roads under the National Motorway Construction Programme, and exceeded the planned construction of new motorway sections by a full seven percent. One of the Company’s fundamental goals as the operator of the Slovene motorway network is to increase the level of traffic safety on Slovene motorways. A major project being implemented in this area by the Company, together with the Police and the Slovene Road Safety Council, is the installation of housings for stationary speed meters. Given that these meters have proven to be a positive step towards reducing the speed of driving and thus increasing traffic safety on Slovene motorways, the project was continued in 2007. Adequate traffic safety, however, also requires adequately maintained infrastructure, and the Slovene motorway network is aging and deteriorating with each passing year. The Company has therefore established a Road Management Department and thus opted for an integral approach to the planning the rehabilitation of carriageways through the optimal use of funds. The above-mentioned, as well as our awareness of the significance of performing timely reconstruction works, were some of the reasons why 2007 was also a record year by the volume of reconstruction works. Thanks to excellent planning, these were successfully completed with the least possible impact on traffic fluency. 6 ANNUAL REPORT DARS d.d. 2007 INTRODUCTION
Page 1 and 2: A N N U A L R E P O R T 2 0 0 7
Page 3 and 4: Contents 6 9 10 11 11 12 13 13 13 1
Page 5: 66 66 67 67 68 69 69 69 70 71 73 74
Page 9 and 10: 8 LETNO ANNUAL PORO»ILO REPORT DAR
Page 11 and 12: Financial Highlights 2007 2006 Shar
Page 13 and 14: Organisation The organisation of th
Page 15 and 16: Management Board As laid down in th
Page 17 and 18: 16 LETNO ANNUAL PORO»ILO REPORT DA
Page 19 and 20: Mission, Vision, Strategic Goals, a
Page 21 and 22: Key Business Events in 2007 • In
Page 23 and 24: Analysis of Business Performance To
Page 25 and 26: Completed Construction and Reconstr
Page 27 and 28: Revenue of DARS d.d. 2007 Revenue T
Page 29 and 30: Shares of individual types of expen
Page 31 and 32: Business Activities of the Company
Page 33 and 34: International Cooperation Departmen
Page 35 and 36: Finance and Marketing Division Fina
Page 37 and 38: Toll Collection Division Toll colle
Page 39 and 40: The activities carried out in the a
Page 41 and 42: Within the scope of rehabilitation
Page 43 and 44: A new 48-fibre optical cable was in
Page 45 and 46: Owing to the exceptional increase i
Page 47 and 48: Environmental Management Environmen
Page 49 and 50: Staff Recruitments and Departures I
Page 51 and 52: 50 ANNUAL REPORT DARS d.d. 2007 FIN
Page 53 and 54: Notes to the Financial Statements T
Page 55 and 56: Accounting Policies The financial s
Page 57 and 58:
Depreciation / Amortisation The car
Page 59 and 60:
Short-term investments In accordanc
Page 61 and 62:
Short-term Operating Liabilities Sh
Page 63 and 64:
Expenses Expenses are recognised if
Page 65 and 66:
Valutation Method Applied to the St
Page 67 and 68:
Short-term Investments in other Ent
Page 69 and 70:
Long-term Operating Liabilities Ari
Page 71 and 72:
Financial Statements of DARS d.d. T
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in EUR 31 Dec 2007 31 Dec 2006 (wit
Page 75 and 76:
Consolidated cash flow statement fo
Page 77 and 78:
Statement of changes in equity in t
Page 79 and 80:
Notes to the Financial Statemants N
Page 81 and 82:
Intangible assets Intangible assets
Page 83 and 84:
Pursuant to the Concession Agreemen
Page 85 and 86:
Short-term operating receivables in
Page 87 and 88:
Equity The movement in equity is sh
Page 89 and 90:
Short-term operating liabilities in
Page 91 and 92:
Notes to the balance sheet of state
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Property, plant and equipment and i
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Off balance sheet items Off balance
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a) Borrowings from the Consortium o
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h) Borrowings from Kreditanstalt f
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Long-term liabilities from motorway
Page 103 and 104:
Short-term trade liabilities in EUR
Page 105 and 106:
Additional disclosures in the incom
Page 107 and 108:
Costs of materials and services in
Page 109 and 110:
The remunerations of members of the
Page 111 and 112:
Income tax Income tax is levied und
Page 113 and 114:
Events after the Balance Sheet Date
Page 115 and 116:
115 ANNUAL REPORT DARS d.d. 2007 FI
Page 117 and 118:
117 ANNUAL REPORT DARS d.d. 2007 AU
Page 119 and 120:
119 LETNO PORO»ILO DARS d.d. 2007
Page 121 and 122:
121 ANNUAL REPORT DARS d.d. 2007 AU
Page 123 and 124:
The Company does not implement the
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